Mon Nov 25 17:58:00 UTC 2024: **Kerala CM Assures Cooperative Depositors of Safety Amidst National Concerns**
KANNUR, Kerala – Chief Minister Pinarayi Vijayan reaffirmed the safety of deposits in Kerala’s cooperative societies on Monday, November 25th, during the launch of Kerala Bank’s year-long action plan. He emphasized the state government’s guarantee of the sector’s stability, citing safeguards like the Deposit Guarantee Board and the Cooperative Restoration Fund.
Vijayan highlighted the success of Kerala’s cooperative model, contrasting it with the risks posed by multi-state cooperative societies. He revealed that 44 out of an estimated 1,500 such societies in India were shut down in 2022 due to corruption, resulting in losses exceeding ₹10,000 crore. He underscored the importance of vigilance and adherence to norms within the cooperative sector.
Kerala Bank, now Asia’s largest cooperative institution with 823 branches and ₹1.16 lakh crore in total business (as of March 2024), was lauded for its role in agriculture and employment. Vijayan outlined five goals for the bank’s action plan: technological advancement, SME prioritization, enhanced profitability, guidance for primary cooperatives, and improved project efficiency. He urged the bank to actively participate in paddy procurement in major production areas.
The bank’s technological integration, boasting 2.2 lakh mobile app users who have transacted ₹7,600 crore, was also highlighted. Cooperation Minister V.N. Vasavan credited Kerala Bank with saving struggling district banks from collapse. The Chief Minister concluded by emphasizing Kerala Bank’s role as a model for the nation, showcasing the potential of a robust and inclusive cooperative sector.
First Piper 